Waaree Energies Q1 FY27 Revenue Rises 79.2 Percent to INR 7,932 Cr, Order Book Reaches INR 61,500 Cr

Waaree Energies Ltd. has reported a strong performance for the first quarter of FY27, with consolidated revenue from operations rising 79.2 percent year on year to INR 7,931.79 crore, driven by higher module sales, growth in retail and overseas business, and continued execution of its order book.

According to the company,  PAT increased 15.4 percent to INR 891.87 crore, while operating EBITDA rose 44.4 percent to INR 1,439.92 crore. EBITDA margin stood at 18.15 percent during the quarter.it ended the quarter with an order book of about INR 61,500 crore, equivalent to around 26 GW of module orders, supported by fresh order inflows of approximately INR 16,000 crore during the period. Waaree executed orders worth around INR 7,300 crore in the quarter while maintaining a diversified customer and geographic mix. Retail cash and carry sales are largely excluded from the order book.

Module sales nearly doubled to 3.6 GW during the quarter from 1.9 GW a year earlier. Retail revenue surged 130 percent year on year to INR 2,289 crore, while overseas revenue increased to INR 1,609 crore. The company said retail business is on track to generate between INR 9,000 crore and INR 10,000 crore in FY27. Revenue during the quarter was diversified across utility, commercial and industrial, retail, overseas, and EPC businesses.

Waaree continued expanding its manufacturing footprint during the quarter by commissioning an additional 3 GW of module manufacturing capacity at Samakhiali in Gujarat. The company also commenced a 5.15 GWh automated battery energy storage system container manufacturing facility, exceeding the initially planned 3.5 GWh capacity. Its transmission business began production of 17.6 MVA inverter duty transformers after receiving the necessary approvals.

During the quarter, Waaree Renewable Technologies secured a 1,520 MWh battery energy storage EPC order, signed an engineering, procurement and construction agreement for a utility scale solar project integrated with battery storage in New Zealand, and received two ground mounted solar EPC orders totaling 800 MWac. The company also secured its first 125 MW heterojunction module order through Waaree Solar Americas and acquired around a 55 percent stake in Associated Power Structures Pvt. Ltd. for approximately INR 1,225 crore.

The company reaffirmed its FY27 operating EBITDA guidance in the range of INR 7,000 crore to INR 7,700 crore and outlined plans to invest more than INR 30,000 crore to expand into an integrated clean energy platform spanning solar cells, ingots and wafers, battery energy storage systems, transformers, inverters, solar glass, electrolysers, renewable power infrastructure and transmission businesses.